Day: June 28, 2021

The Central Bank of Iran (CBI) has announced the official rate of foreign currencies on June 28, Trend reports referring to CBI.

According to the currency exchange rate of the Central Bank of Iran, 26 currencies have increased and 11 have decreased compared to June 26.

According to CBI, $1 equals 42,000 Iranian rials and 1 euro equals 50,128 rials.

Currency		Iranian rial on June 28	Iranian rial on June 26
1 US dollar	USD	42,000	42,000
1 British pound	GBP	58,292	58,400
1 Swiss franc	CHF	45,769	45,707
1 Swedish krona	SEK	4,953	4,958
1 Norwegian krone	NOK	4,951	4,932
1 Danish krone	DKK	6,742	6,737
1 Indian rupee	INR	567	567
1 UAE dirham	AED	11,437	11,437
1 Kuwaiti dinar	KWD	139,214	139,357
100 Pakistani rupees	PKR	26,670	26,617
100 Japanese yens	JPY	37,908	37,871
1 Hong Kong dollar	HKD	5,412	5,411
1 Omani rial	OMR	109,233	109,233
1 Canadian dollar	CAD	34,162	34,039
1 New Zealand dollar	NZD	29,706	29,608
1 South African rand	ZAR	2,969	2,946
1 Turkish lira	TRY	4,802	4,818
1 Russian ruble	RUB	583	581
1 Qatari riyal	QAR	11,539	11,539
100 Iraq dinars	IQD	2,878	2,879
1 Syrian pound	SYP	34	34
1 Australian dollar	AUD	31,865	31,807
1 Saudi riyal	SAR	11,200	11,200
1 Bahraini dinar	BHD	111,701	111,702
1 Singapore dollar	SGD	31,288	31,255
100 Bangladeshi takas	BDT	49,485	49,543
10 Sri Lankan rupees	LKR	2,111	2,109
1 Myanmar kyat	MMK	26	26
100 Nepalese rupees	NPR	35,226	35,218
1 Libyan dinar	LYD	9,346	9,334
1 Chinese yuan	CNY	6,507	6,489
100 Thai baths	THB	131,932	131,681
1 Malaysian ringgit	MYR	10,105	10,095
1,000 South Korean wons	KRW	37,255	37,109
1 Jordanian dinar	JOD	59,239	59,238
1 euro	EUR	50,128	50,096
100 Kazakh tenge	KZT	9,842	9,818
1 Georgian lari	GEL	13,347	13,355
1,000 Indonesian rupiahs	IDR	2,907	2,908
1 Afghan afghani	AFN	536	530
1 Belarus ruble	BYN	16,635	16,577
1 Azerbaijani manat	AZN	24,706	24,721
100 Philippine pesos	PHP	86,480	86,348
1 Tajik somoni	TJS	3,710	3,685
1 Turkmen manat	TMT	11,966	11,988

In Iran, the official exchange rate is used for the import of some essential products.

SANA system is a system introduced by the Central Bank of Iran to the currency exchange offices, where the price of 1 euro is 283,752 rials, and the price of $1 is 237,741 rials.

NIMA is a system intended for the sale of a certain percentage of the foreign currency gained from export. The price of 1 euro in this system is 255,011 rials, and the price of $1 is 213,661 rials.

In the black market, $1 is worth about 238,000-241,000 rials, while 1 euro is worth about 283,000-286,000 rials.

 

 

Source: TREND News Agency

Oil prices hit and then recoiled from highs last seen in October 2018 on Monday as investors eyed the outcome of this week’s OPEC+ as the United States and Iran wrangle over the revival of a nuclear deal, delaying a surge in Iranian oil exports, Trend reports with reference to Reuters.

Brent crude for August had slipped 16 cents, or 0.2%, to $76.02 a barrel by 0318 GMT while U.S. West Texas Intermediate crude for August was at $73.93 a barrel, down 12 cents, or 0.2%.

Oil prices rose for a fifth week last week as fuel demand rebounded on strong economic growth and increased travel during summer in the northern hemisphere, while global crude supplies stayed snug as the Organization of the Petroleum Exporting Countries (OPEC) and their allies maintained production cuts.

The producer group, known as OPEC+, is returning 2.1 million barrels per day (bpd) to the market from May through July as part of a plan to gradually unwind last year’s record oil output curbs. OPEC+ meets on July 1 and could further ease supply cuts in August as oil prices rise on demand recovery.

“Demand recovery has caught everyone by surprise and OPEC needs to respond,” Howie Lee, economist at Singapore’s OCBC bank, said.

“There is some leeway for easing supply curbs given how high prices are, and we might see a 250,000 bpd increase from August.”

ANZ and ING expect OPEC+ to increase output by about 500,000 bpd in August, which is likely to support higher prices.

“Anything less than this amount would likely be enough to see bulls push the market higher in the near term,” ING analysts said in a note.

One Singapore-based oil analyst said oil prices are unlikely to see a big correction unless OPEC+ increase supplies by 1 million bpd or more.

Negotiations over the revival of Iran’s nuclear deal are expected to resume in coming days. A monitoring agreement between Tehran and the U.N. nuclear watchdog lapsed last week.

A weaker U.S. dollar and a reversal of risk appetite in global markets also supported dollar-denominated commodity prices.

The United States added 13 oil and gas rigs in June, up for an 11th month in a row along with higher oil prices, although it was the smallest monthly increase since September 2020, Baker Hughes data showed on Friday.

 

 

Source: TREND News Agency

TAIPEI – Pressure from China over a festering maritime sovereignty dispute has added momentum to Malaysia’s drive for a more modern air force including the purchase of 36 new aircraft, analysts believe.

Malaysia’s Ministry of Defense issued a notice June 22 saying that it would accept bids for light combat aircraft and trainers for the air force. The three-month open tender for an initial 18 aircraft fits into the Malaysian Royal Air Force’s broader modernization effort.

A plan dubbed Capability 55 calls for getting another 18 aircraft of the same type by 2025 plus six unmanned aerial systems to improve maritime patrols. The air force’s pursuit of new hardware follows a navy modernization made public in 2017. Analysts said at the time the fleet upgrades would help monitor for Chinese vessels in the contested, resource-rich South China Sea.

Malaysia’s Foreign Ministry protested earlier this month over 16 Chinese warplanes that were picked up by radar 111 kilometers off the coast of Borneo Island located in the South China Sea.China’s flyby raised the urgency of bringing aircraft up to date in Malaysia, experts in the Southeast Asian country say.

“That incident highlights the need for Malaysia to have more modern patrol aircraft, if anything,” said Oh Ei Sun, senior fellow with the Singapore Institute of International Affairs. “I think in general our air force equipments are really outdated.”

China’s activity by itself didn’t prompt the air force overhaul but can hardly be overlooked, said Shariman Lockman, senior foreign policy and security studies analyst with the Institute of Strategic and International Studies in Malaysia.

“It’s China but it’s not China,” he said. “It’s the long-term thing. It’s (been) in the plan for some time already.”

British-made Hawk aircraft in the air force today are “platforms for defending the sovereignty of our nation’s air space” despite their age of 25 years at the time, chief General Tan Sri Affendi Buang said in 2019 via a Malaysia-based Sun Daily news website report.

Hawks lack the payload of more modern planes, Lockman said. The aircraft model is often used for training rather than formal missions, as well. Malaysia sent Hawks to intercept the 16 Chinese planes this month to monitor their flight path.

Malaysia entered a prolonged standoff in November with China over a disputed tract of sea, also near Borneo, known for undersea fossil fuel reserves. Malaysia is the more aggressive driller for oil and gas in waters where the standoff took place.

Beijing claims about 90% of the 3.5 million-square-kilometer South China Sea, which extends from Borneo north to Hong Kong. Brunei, Malaysia, the Philippines and Vietnam call parts of the sea their own, and Taiwan claims most of it. Claimants prize the waterway for fisheries and fossil fuel reserves.

China is the most militarily advanced of the six governments. The others resent China’s landfilling of small islets in the sea over the past decade for military use and passing vessels through waters they call their own.

Beijing cites historical usage records to back its claims including in the exclusive economic zones of other states such as Malaysia.

“It appears that the biggest conventional challenge that the Malaysian military faces from now is China’s growing presence in the form of an increasing number of naval and coast guard vessels and the Chinese newly built installations in the South China Sea,” said Fabrizio Bozzato, senior research fellow at the Tokyo-based Sasakawa Peace Foundation’s Ocean Policy Research Institute.

Malaysia’s defense ministry will probably look at buying the new aircraft from Europe, India, Pakistan, Russia, South Korea and the United States, according to analysts and defense media reports.

Citizens in Malaysia may chafe at the bill, however, Lockman said. They would expect the government to keep pumping money into stimulus as COVID-19 caseloads prolong a severe lockdown. “Spending on stuff made abroad is not exactly a popular thing,” he said.

 

 

 

Source: Voice of America